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What is the effect of the change on cost of goods sold

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Question - In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2017 of $127,000 would have been $145,000 if FIFO had been used. Inventory at the end of 2018 is $162,000 using the new FIFO method but would have been $151,000 if the company had continued to use LIFO. What is the effect of the change on 2018 cost of goods sold?

Reference no: EM132607684

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